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Keep it as long as you can rely on it to get you where you need to go.
No matter how much you're spending on maintenance, and what you are spending is really very low, how many months' worth of payments is your recent $800 repair? Two? Two and a half? You're better off keeping it until your trusted mechanic tells you that he can't do anything to keep it on the road, like serious rust problems.
Does it make you happy to drive it? Do you enjoy or dread getting behind the wheel? What's your tolerance for the little things that start to go wrong with older cars that aren't necessarily a safety or performance issue but are still not what they were? (Example- the sensors for the keychain fob on my 2007 Outback are partly whupped, and you have to stand in certain places relative to the car for the unlock button to work- it's an annoyance, but it really doesn't seen to justify trying to fix)
North of 150K or 10 years is when the little things do start to become an issue, even in a mechanically sound car. Too much plastic that only has so much of a lifespan before it becomes brittle, too many other things that just kind of get old. Sometimes it makes sense to keep the car as-is and learn to work with the quirks; other times it's the right time frame to find something that brings you more joy and fits in the right place in the monthly budget.
Keep it as long as you can rely on it to get you where you need to go.
No matter how much you're spending on maintenance, and what you are spending is really very low, how many months' worth of payments is your recent $800 repair? Two? Two and a half? You're better off keeping it until your trusted mechanic tells you that he can't do anything to keep it on the road, like serious rust problems.
I think there are limits to this. My line is when annual repairs, over and above regular maintenance, equal 50% of the payments on a new vehicle. For instance, if a zero down loan on a new car runs $250/month, that's $3,000 a year. When repairs start to run over $1500/year, it's time to send the old rig off to that great junkyard in the sky.
That's not counting regular maintenance, like tires, brakes, fluid changes, etc.
If it still looks good, 1300 really isn't much in repair costs. My beater has 156k on it and though I've been extremely lucky repair wise, I'd repair it with the exception of a completely blown engine or tranny.
Also worth a note that routine maintenance and a fluid check weekly helps preserve your investment.
What's an average car payment these days, maybe 400 bucks? I'd hold onto what I got, debt free, if total yearly repairs add up to about 3 monthly payments per year.
Good luck
I'm debating if I should keep or sale my 2004 toyota Rav4. I has 184k miles and recently I had to do $800 of repair on the car as it broke down while driving.So far within the last 5 years, besides regular maintenance I spent about $1300 on the car.
My mechanic said he would inspect the car and see if there is anything else that needs to be done besides fixing a slow oil leak and 4 new tires.
So that's not bad, you should probably keep it. But you don't provide us any more detailed information. For example, what do you use this car for or what is your commute to work? If you have a 30 minutes or more commute to work or travel many miles each day to your job (which many Americans do these days), then you probably want a reliable car and not have to worry because of high miles or your car is over 15 years old. Then it's worth it to keep a "newer" car around.
I’m sure living in a tent under an overpass is much cheaper than living in a house too. Being tied to an old busted car because you’re afraid a new car might break is sad. Even GM gave up Saturn. Time to move on man. Don’t be the guy with old shoes held together with duct tape because you don’t like any new shoes.
Why on earth would I do that? Parts are still readily available and will be for the foreseeable future. Car gets 30+ MPG just putting around town, close to 40 on long road trips depending on how I drive. Not to mention there's lots of things I've already done that shouldn't present any problems anytime soon. Still see plenty of cars on the road 10+ years older than mine that are still going strong.
Just because it's old doesn't mean it's junk that's falling apart, it's all about how it's been cared for throughout its life. Besides, getting rid of something just because it breaks would make me feel like a wuss, I get MUCH more joy out of repairing it and making it "good as new" again.
I take great pride in keeping my vehicles as close to new condition as possible. I don't half-ass fix things, it's either done right or it's not done at all. No cob jobs on my vehicles, and ANYTHING that doesn't work correctly is immediately addressed and remedied. I also keep them as clean as humanly possible, no excuse for driving around in a dirty, nasty car IMO.
The money I've pocketed from not being shackled to a monthly car payment (not to mention the full coverage insurance that goes with it) has enabled me to afford many things in life that I would've had to go into debt for if I had car payments. I'll GLADLY spend a few hundred bucks a year to keep it on the road than spend twice that EVERY MONTH on something that's not even mine.
Besides, new cars do nothing for me. I get absolutely no joy in driving them, having worked at a car dealership driving new stuff every single day gets old pretty quick IMO. Don't get me wrong, I still care about being able to fix them for customers, as it's how I make my living. But as far as my personal vehicles go, new cars do not impress me.
Do what you please with your money and your vehicles, and I'll keep doing the same!
P.S. I never said that I was worried a new car would break. I merely pointed out the fact that ALL cars will break eventually. That's something that WILL NEVER CHANGE. But keep looking for that one that never breaks, meanwhile I'll be sitting here laughing at your futile exercise.
We have a 2002 Chrysler PT Cruiser ,22 mpg, with no body rust, one small kick dent, a replacement engine, a factory rebuilt transmission, and 120,000 miles. No plans at all to take on $200 a month to replace it.
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